The 1893 U.S. financial panic was called the Panic of 1893.
The crisis began after the Philadelphia and Reading Railroad declared bankruptcy, helping undermine confidence in banks and railroads. Several major financial institutions failed, and the New York Stock Exchange experienced a severe decline. The panic also contributed to a deep economic depression in the United States that lasted for several years.
A major pressure point was the debate over the country’s monetary system, especially whether silver should be freely coined alongside gold. Investors worried about the stability of the dollar and withdrew funds, worsening the banking crisis. Railroad overbuilding and weak corporate finances added to the strain.
The Panic of 1893 is sometimes confused with the Panic of 1873 or the Panic of 1907. Those were separate crises, although all were connected to banking instability, speculation, and financial contagion.